BULLETIN RESOURCES LIMITED — AGM Information 2012

Nov 22, 2012

23 November 2012

The Manager Companies Company Announcements Australian Securities Exchange Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir

2012 Annual General Meeting Chairman’s Address and Managing Director’s Presentation

Bulletin Resources Ltd (ASX code: BNR) (“the Company”) is pleased to provide a copy of the Chairman’s Address given by the Company’s Chairman, Phil Retter, to the 2012 Annual General Meeting and a copy of the presentation given by the Company’s Managing Director, Martin Phillips.

Yours sincerely

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Susan Hunter Company Secretary

Dear Shareholders,

On behalf of my fellow Directors I welcome you to the 3rd Annual General Meeting of Bulletin Resources Limited.

Notwithstanding the disappointing performance of the stock market, and gold equities in particular, it has been another outstanding year for your Company culminating in the successful completion of the Lamboo Project feasibility study which, at the current gold price, confirmed the economic viability of the initial 5 year life-of-mine plan. Discussions are progressing with a number of groups regarding financing options and we hope to update you on these developments in the near future. Once all statutory approvals have been received and the required financing is in place, then the Company will be in a position to make an investment decision regarding a production start-up.

Our Managing Director, Martin Phillips, will brief you on these matters in more detail shortly. However, I wish to draw your attention to the fact that just over 18 months has elapsed since we drilled the first hole at the project. During that time Bulletin has delivered on all but one element of its business strategy, being the commencement of production. The Board is now looking towards the Company’s long-term growth strategy and we believe that it is Bulletin’s dominant land position in the Halls Creek region that underpins our future plans.

As you are aware, Bulletin owns the only gold processing facility in the historic Halls Creek goldfield and is well-placed to capitalise on other opportunities, mainly through discovery, in this highly prospective but underexplored gold province. It is noteworthy that Halls Creek was the site of Western Australia’s first gold discovery in the 1880s and is now one of the few remaining frontiers to have escaped the attention of the modern-day explorer.

Having laid the foundation for a profitable mining operation, I am optimistic that the next 12 months will start to reveal further tangible evidence of our growth potential outside of the current defined resources, which now total 1.77 million tonnes averaging 5.2g/t gold for 294,000 ounces. In particular, I draw your attention to the recently announced independent study that estimated the total potential of all

Bulletin Resources

exploration targets within the Lamboo project at approximately 4 to 7 million tonnes containing 0.7 to 1.1 million ounces at an average grade of 5.2 to 5.4g/t Au*. This estimate relates to the 5 kilometre long granite contact within the Project tenements where numerous high grade quartz vein targets remain to be drilled. Our regional tenement holding has also grown substantially to approximately 400km[2] and covers extensive alluvial gold occurrences where hard rock sources are yet to be discovered.

I thank you for your continued patience and support throughout the past year which disappointingly has seen the value of your Company impacted by negative investor sentiment towards the resources sector, particularly at the junior end of the market. The delivery of our feasibility study, along with the enduring strength of the gold price, has seen some of this value restored recently. Ongoing support from many of our shareholders also provided the opportunity to raise additional working capital to fund further resource expansion drilling, while we progress the project towards an investment decision.

We continue to devote considerable time and effort marketing the Bulletin story to potential new investors. Despite having all the key attributes in place and the precedent of success by several mining companies exploiting high grade resources in Western Australia, it remains challenging to convince the market that we are simply aiming to emulate their model of fast-tracking production. Looking at the share price charts of these companies it is apparent that market recognition occurs progressively over time, sometimes several years, as they deliver on their strategy.

Finally, I would like to use this opportunity to acknowledge the efforts of my fellow Directors and the project team under the stewardship of Martin Phillips for their determination over the past year. On behalf of my colleagues, I would also like to extend our gratitude to Mick Fitzgerald, who recently resigned from the Company, for his passion and dedication in transforming the Company from an idea in early 2010 to an emerging gold producer with over 100,000 ounces in reserves. We wish Mick all the best in his future endeavours.

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Bulletin Resources

I would now like to pass you over to Martin Phillips who will further detail our achievements over the past twelve months.

*The potential tonnes and grades of the exploration target expressed in this announcement are conceptual in nature and should not be considered as an estimate of a Mineral Resource. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource

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Annual General Meeting 23 November 2012

Bulletin Resources Limited Unit A8, 435 Roberts Rd, Subiaco WA 6008 | phone (08) 9388 6921 | fax (08) 6316 3337| www.bulletinresources.com

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Managing Director Presentation

FY 2012/13 Priorities Resource Expansion Regional Exploration FY 2011/12 Summary Lamboo Project Finance KPI Summary Lamboo Project Progress Exploration Success

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FY 2011/12 KPI’s

 Tenement Holding  5 x original area  Mineral Resource  54%  Ore Reserve  110,000 oz Au  Project Life  5 Years  Delivered on business plan  Gold Price  8%  USD  4%  ASX Gold Index  28%  BNR Share Price  39%

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12 Month Share Price Performance

BNR’s share price closely aligned to S&P/ASX Gold Index (XGD)

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Source: www.asx.com.au

Tenement Holding

Dominant landholding of circa 470km[2] in very prospective, underexplored goldfield

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Mineral Resource

Lamboo Project Mineral Resource has grown by over 100 000 oz gold

• 22,000m of resource expansion drilling completed

• Current resource: 1.45 million tonnes at 5.61g/t Au for 261,000 ounces of gold

• All resources remain open at depth

• Exploration target independently estimated at 4 to 7 million tonnes containing 0.7 to 1.1 million ounces at an average grade of 5.2 to 5.4g/t Au*

*The potential tonnes and grades of the exploration target expressed in this presentation are conceptual in nature and should not be considered as an estimate of a Mineral Resource. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource

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19 000mN 19 200mN 19 400mN 19 600mN 19 800mN
Resource outline
300mRL
200mRL
100mRL
0mRL
-100mRL
19 000mN 19 200mN 19 400mN 19 600mN 19 800mN
300mRL
200mRL
100mRL
0mRL
-100mRL
1 1 1 1 1
9000mN 9200mN 9400mN 9600mN 9800mN
1 1 1 1
9000mN 9400mN 9600mN 9800mN
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Ore Reserve

Maiden open pit and underground Ore Reserve of 110,000 oz Au

 72% of Lamboo Mineral Resource in Indicated category

Ore Reserve	Category	Tonnes	Gold Grade (g/t Au)	Contained Gold (oz)
Nicolson’s South Pit	Probable	268,000	4.4	38,000
Nicolson’s Find Pit	Probable	92,000	5.9	17,000
Wagtail North Pit	Probable	105,000	3.0	10,000
Wagtail South Pit	Probable	77,000	3.6	9,000
Rowdies Pit	Probable	19,000	2.0	1,000
Open Pit Total		560,000	4.2	75,000
Nicolson’s Find UG	Probable	177,000	6.0	34,000
Project Total		737,000	4.6	110,000

Note: Figures may not add due to rounding

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Life-of-Mine Plan

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Open pit transitioning to underground mine provides initial 5 years mine plan
19 000mN 19 200mN 19 400mN 19 600mN 19 800mN
300mRL
Open Pit Production:
92,000t at 7.71 g/t Au
200mRL
100mRL
Legend
0mRL Open Pit Development
Planned Underground Development
Stoping – Indicated Resource
Stoping – Inferred Resource [1 ]
Current Limit of Resource
-100mRL 0 50 100m
Scale
19000mN 19200mN 19400mN 19600mN 19800mN
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Note: [1] There is a low level of geological confidence associated with Inferred Resources and there is no certainty that further exploration work will result in the determination of an Indicated Resource or that the production target itself will be realised.

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Cash Flow Projections

Cash flow highly leveraged to gold price, mine life extensions & increased production rate

Net Present Value (pre-tax) Pre-tax $m

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45 $m 1
Operating Cash Flow Capital Expenditure Cumulative Cash Flow
40
30
30
15
0 20
1550 1650 1750 1850
A$/oz Gold Price
10
Undiscounted Free Cash
(pre-tax) $m
60 0
40 (10)
20 (20)
0 (30)
1550 1650 1750 1850
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
A$/oz Gold Price
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(30)
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Note:
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1 Assumes Gold price A$1,700/oz

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Exploration Success

Further high grade vein discoveries along 5km strike length of granite contact

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Managing Director Presentation

FY 2012/13 Priorities Resource Expansion Regional Exploration FY 2011/12 Summary Lamboo Project Finance KPI Summary Lamboo Project Progress Exploration Success

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Nicolson’s Underground

Priority is to expand Nicolson’s underground resource

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
Lateral extensions to underground mine plan will not require
Gold resource oz /vertical m
significant additional development capital 0oz 750oz 1,500oz
19 000mN 19 200mN 19 400mN 19 600mN 19 800mN
300mRL
Open Pit Production:
92,000t at 7.71 g/t Au
200mRL Zone of high
drilling density
200m below surface
100mRL 4m @ 10.9 g/t Au
2m @ 12.5 g/t Au
2m @ 6.8g/t Au
7m @ 4.0 g/t Au
Legend
Zone of low
0mRL Open Pit Development 1m @ 17.9g/t Au drilling density
Planned Underground Development
Stoping – Indicated Resource Target Area
Stoping – Inferred Resource Target Area
-100mRL Current Limit of Resource 0 50 100m
Scale
1 1 1 1 1
9 9 9 9 9
000mN 200mN 400mN 600mN 800mN
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Wagtail Underground Potential

Host structure linking Wagtail deposits remains untested at depth

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17 800mN 18 000mN 18 200mN
300mRL Wagtail South Creek Wagtail North
4m @ 10.4g/t Au
4m @ 12.9g/t Au 7m @ 3.7g/t Au
1m @ 25.9g/t Au 4m @ 19.1g/t Au
3m @ 7.6g/t Au 6m @ 8.9g/t Au
4m @ 8.4g/t Au
6m @ 21.0g/t Au
2m @ 10.8g/t Au
6m @ 13.7g/t Au 200mRL
Target Area 4m @ 5.1g/t Au
Target Area 7m @ 7.1g/t Au
Target Area
100mRL
Legend
0.5 – 10.0 Au gram-metres
> 10.0 Au gram-metres
Drilling Intersection 0 Metres 100
Target Area
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Nicolson’s South Extension

Untested southern strike extension of Nicolson’s South deposit

• Access restrictions has left 300m strike length of host structure completely untested by drilling

• First pass RAB drilling planned

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Target Area
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Lamboo Exploration Targets

Aeromagnetic survey and first pass RAB drilling planned

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North
Lamboo
South
Lamboo
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Regional Exploration

Applying modern-day exploration techniques to the historic goldfield

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Golden Crown Project

Potential high grade, open pit development

• Current open pit Inferred Resource of 323,000 tonnes at 3.2g/t Au for 34,000 ounces of gold

• Further RC drilling and new resource estimate planned

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2m at 93.1g/t Au

Faugh-a-Ballagh 6m at 13.6g/t Au 1m at 54.0g/t Au 1m at 23.0g/t Au 0.8m at 521.1g/t Au

2m at 14.3g/t Au 2m at 14.2g/t Au 2m at 11.8g/t Au 3m at 85.3g/t Au Golden Crown

2m at 15.8g/t Au

2m at 14.8g/t Au 3m at 15.2g/t Au

1m at 25.8g/t Au 7m at 4.4g/t Au

4m at 6.7g/t Au 4m at 12.8g/t Au 5m at 23.0g/t Au 3m at 31.2g/t Au

5m at 6.6g/t Au 3m at 7.0g/t Au

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Priorities for FY12/13

• Continue resource expansion initiative and make further discoveries

• Expedite works approval and mining approval for Lamboo project

• Tender and source major capital works items

• Earthworks, civil works and open pit mining

• Mine village and building works

• Heavy engineering works

• Rationalise financing arrangements

• e.g lease vs buy, second hand vs new

• Secure project finance

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Investment and Media inquiries:

Martin Phillips

Managing Director Email: mphillips@bulletinresources.com

Bulletin Resources Limited Unit A8, 435 Roberts Rd, Subiaco WA 6008 | phone (08) 9388 6921 | fax (08) 6316 3337| www.bulletinresources.com

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APPENDICES

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Ore Reserve Inventory

Prospect	Category	Tonnes	Gold Grade (g/t Au)	Contained Gold (oz)
Nicolson’s Find Pit	Open pit Probable	92,000	5.9	17,000
Nicolson’s South Pit	Open pit Probable	268,000	4.4	38,000
Rowdies Pit	Open pit Probable	19,000	2.0	1,000
Wagtail North Pit	Open pit Probable	105,000	3.0	10,000
Wagtail South Pit	Open pit Probable	77,000	3.6	9,000
	Total Open Pit	560,000	4.2	75,000
Nicolson’s Find Underground	Underground Probable	177,000	6.0	34,000
Project Total		737,000	4.6	110,000

Note: Figures may not add due to rounding

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Mineral Resource Inventory

Prospect	Category	Tonnes	Grade (g/t Au)	Ounces
Nicolson’s Find & South	Open pit Indicated	333,000	5.5	59,000
	Open pit Inferred	16,000	2.7	1,000
	Total open pit	349,000	5.4	60,000
	Underground Indicated	406,000	6.5	85,000
	Underground Inferred	372,000	5.7	69,000
	Total underground	778,000	6.2	154,000
	Nicolson’s total	1,127,000	5.9	214,000
Rowdies	Open pit Indicated	17,000	2.4	1,000
	Open pit Inferred	6,000	2.7	1,000
	Total open pit	22,000	2.5	2,000
	Underground Indicated	35,000	5.4	6,000
	Underground Inferred	7,000	6.4	1,000
	Total underground	43,000	5.6	8,000
	Rowdies total	65,000	4.5	9,000

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Mineral Resource Inventory (cont.)

	Prospect	Category	Tonnes	Grade (g/t Au)	Ounces
	Wagtail area	Open pit Indicated	137,000	4.5	20,000
		Open pit Inferred	9,000	1.7	-
		Total open pit	146,000	4.3	20,000
		Underground Indicated	98,000	4.8	15,000
		Underground Inferred	9,000	4.9	1,000
		Total underground	107,000	4.8	16,000
		Wagtail area total	253,000	4.5	37,000
	Total	Total open pit	517,000	5.0	82,000
		Total underground	928,000	6.0	178,000
		Project total	1,445,000	5.6	261,000
	Golden Crown Project
	Golden Crown	Open pit Inferred	136,000	3.8	17,000
	Faugh-a-Ballagh	Open pit Inferred	187,000	2.8	17,000
	Project Total		323,000	3.2	34,000
	Combined Total		1,768,000	5.2	294,000

Note:

Lamboo Project Mineral Resource reported at 0.60g/t Au cut-off for open pit and 3g/t Au cut-off for underground . Golden Crown Project Mineral Resource reported at 1.0g/t Au cut-off.

Figures may not add due to rounding

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Competent Persons Statement

The information in the tables that relate to the Lamboo Project Mineral Resources and the information in this presentation that relates to Exploration Targets is based on information compiled by Mr Ian Glacken, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Glacken is a full time employee of Optiro Pty Ltd where he holds the title of Principal Consultant. Mr Glacken has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Glacken consents to the inclusion in this table and presentation of the matters based on his information in the form and context in which it appears.

The information in the tables that relate to Golden Crown and Faugh-a-Ballagh Mineral Resources is based on information compiled by Mr Aaron Green, who is a Member of the Australian Institute of Geoscientists (AIG). Mr Green is a full time employee of Runge Limited where he holds the title of Operations Manager WA. Mr Green has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Green consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.

The information in the tables that relate to Ore Reserves is based on information compiled by Mr Glen Carthew who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Carthew is a full time employee of AMC Consultants Pty Ltd. Mr Carthew has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Carthew consents to the inclusion in this table of the matters based on his information in the form and context in which it appears.

The information in this presentation that relate to Exploration Results is based on information compiled by Mark Csar, who is a Fellow of Australasian Institute of Mining and Metallurgy. Mark Csar is a full time employee of the company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Csar consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

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